France fines SocGen 20 million euros over disclosures
The ACPR fined Societe Generale 20 million euros for failing to disclose bundled insurance to retail customers. The bank is now considering a legal appeal.
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SOCIETE GENERALE SA faced a 20 million euro ($23.31 million) fine from French regulators for failing to disclose insurance bundling to retail customers. The penalty stems from an investigation into Sobrio accounts, where insurance was automatically included without explicit consent in 2018. Regulators determined the bank violated disclosure obligations and duties of care as an insurance broker.
